LAUGFS Power : Interim Financial Statements as at 30-06-2022

LAUGFS POWER PLC

INTERIM FINANCIAL REPORT FOR THE QUARTER ENDED 30TH JUNE 2022

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GROUP MANAGING DIRECTOR'S MESSAGE

Dear Shareholders,

The unaudited financial statements of LAUGFS Power PLC for the quarter ended 30th June 2022 is presented for your information along with this message.

You are well aware that escalation of consumables due to the high inflations prevailed and interest rates have escalated corresponding to the policy rates continuously upward. The company borrowings are at AWPLR and as such operational and finance cost increased.

No doubt you are aware that the revenue will not increase corresponding to the inflation as we are in fixed tariff base. Therefore, trading results of Laugfs Power PLC record a declining trend in profitability compared to the corresponding quarter of the last financial year. It is also pertinent to mention that due to the adverse liquidity position of the Ceylon Electricity Board there had been a continuous delay in settlement of power purchased resulting an additional financial cost borne by the company.

The Management has taken every endeavour to manage the crisis situation to improve the performance of Laugfs Power PLC.

Sgd.

Best regards,

Group Managing Director

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LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the Period ended 30th June 2022

	Quarter ended 30th June				Year ended 31
				March
	Unaudited					Unaudited
	2022			2021		Change	2022
	Rs.	Rs.	%		Rs.
Revenue	250,223,635			264,866,934	-6%	1,027,698,539
	-			-
Cost of Sales	(79,055,276)			(79,688,608)	-1%		(317,936,987)
Gross Profit	171,168,359			185,178,326	-8%	709,761,552
Other Operating Income	-			-	0%	-
Selling and Distribution Costs	-			-	0%	-
Administrative Expenses	(36,877,390)			(34,465,953)	7%	(1,408,998,373)
Foreign Currency Exchange Gain/(Loss)	-			-	0%		-
Operating Profit	134,290,969			150,712,373	-11%	(699,236,821)
Finance Cost	(93,945,704)			(53,636,778)	75%	(220,167,819)
	-			-
Finance Income	12,196			135,661	-91%		474,602
Profit Before Tax from Continuing Operations	40,357,462			97,211,256	-58%	(918,930,038)
Income Tax Expense	(974,821)			(1,684,676)	-42%	16,059,404
Profit for the Period	39,382,641			95,526,580	-59%	(902,870,634)
Attributable to:
Equity Holders of the Parent	39,382,641			95,526,580	-59%	(902,870,634)
Non-Controlling Interests	-			-			-
	39,382,641			95,526,580			(902,870,634)
Basic/Diluted Earnings Per Share
0.10			0.25	0%	(2.33)

Note : Change % column represents the percentage change in current period's results compared to previous period The above figures are subject to audit.

Figures in brackets indicates deductions.

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LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Period ended 30th June 2022
	Quarter ended 30th June		Year ended 31
		March
	Unaudited				Unaudited
	2022			2021		Change	2022
	Rs.	Rs.	%	Rs.
Profit for the Period	39,382,641			95,526,580		-59%	(902,870,634)
Other Comprehensive Income
Actuarial Gains/(Losses) on Defined Benefit Plans	-			-		0%	1,749,219
Income Tax Effect	-			-		0%	(230,811)
Other Comprehensive Income for the Period Net of Tax	-			-		0%	1,518,408
Total Comprehensive Income for the Period Net of Tax	39,382,641			95,526,580		-59%	(901,352,226)
Attributable to:
Equity Holders of the Parent	39,382,641			95,526,580		-59%	(901,352,226)
Non-Controlling Interests	-			-		0%	-
	39,382,641			95,526,580		-59%	(901,352,226)

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LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Period ended 30th June 2022

	Stated		Retained		Available for		Total
	Capital		Earnings		Sale Reserve
	Rs.		Rs.		Rs.		Rs.
Balance as at 01 April 2022	1,880,000,000	164,128,664	-	2,044,128,664
Profit for the Three Months	-	39,382,641	-	39,382,641
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	39,382,641	-	39,382,641
Dividend Paid	-	-	-	-
Balance as at 30th June 2022	1,880,000,000		203,511,305		-		2,083,511,305
Balance as at 01 April 2021	1,880,000,000	1,065,480,889	-	2,945,480,889
Profit for the Three Months	-	95,526,580	-	95,526,580
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	95,526,580	-	95,526,580
Dividend Paid	-	-	-	-
Balance as at 30th June 2021	1,880,000,000	1,161,007,469	-	3,041,007,469

Note : The above figures are subject to audit.

Figures in brackets indicates deductions.

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